Judge Keeps Door Open On Citigroup Derivative Suit

Law360, New York (November 4, 2009, 1:52 PM EST) -- A federal judge has agreed to retain jurisdiction over a derivative suit brought against Citigroup Inc.'s board of directors to avoid possible prejudice should the limitations period expire while a demand on the board is pending.

In an order Tuesday, Judge Laura Taylor Swain of the U.S. District Court for the Southern District of New York granted the plaintiff's bid to reconsider an earlier order in the case to a limited extent.

Judge Swain dismissed and closed the case Sept. 10 because the plaintiff, Louisiana Municipal...
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